Beto O'Rourke will announce on Thursday that he is running for president in 2020, according to El Paso TV station KTSM-TV.
An official announcement is coming Thursday morning, O'Rourke said via text message to KTSM in El Paso.
"You can probably tell that I want to run", O'Rourke told Vanity Fair. "I don't see how we're able to meet any of the fundamental challenges that we have as a country without, in part, harnessing the power of the market".
"I'm just born to do this", O'Rourke told the magazine.
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O'Rourke rose to national prominence during the 2018 midterms, when his bid to unseat Cruz garnered unprecedented grassroots support and a historic fundraising haul.
Speculation on whether he would run for president has been discussed since his Senate loss to Ted Cruz in November.
"They will either consume us, or they will afford us the greatest opportunity to unleash the genius of the United States of America", he added.
"This is a defining moment of truth for this country and for every single one of us", the 46-year-old Democratic former congressman from Texas said in a video announcing his candidacy.